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European CDS Rerack: Mamma Mia

Tyler Durden's picture


The horror...The horror

                         5Y                           10Y                  5/10's                         
Stromboli      506/521  +65.5        493.5/507.5         -20/-10                           
Spain            385/400  +52.5        370.5/386.5          -16/-6                           
Port            1060/1100 +115           825/895           -250/-190                         
Guinness       755/785  +80            585/655            -180/-120                         
Uzo             57.5/59.5 +4.5          57.5/61.5            -0.5/2.5
Syrup           295/310  +31.5       293.5/307.5            -7/3                             
Fried            195/200  +21.5        213.5/223.5           17/21                           
Aus             155/161  +16.5        169.5/179.5           14/19                           
Wanker         92/96    +10              108/114              15/19                           
Doosheland   96/100  +13.5           116/122              18/22


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Tue, 11/01/2011 - 09:19 | 1831661 Debtless
Debtless's picture


and the PMs are going on sale too.

Tue, 11/01/2011 - 09:33 | 1831788 Don Birnam
Don Birnam's picture

I watched a snail crawl along the edge of a straight razor. That's my dream; that's my nightmare. Crawling, slithering, along the edge of a straight razor...and surviving. 

Tue, 11/01/2011 - 09:35 | 1831795 CPL
CPL's picture

Combination of horror and amusement.  The mental imagery is profound.

Tue, 11/01/2011 - 09:35 | 1831796 trav7777
trav7777's picture

All I know is gold is up in the currencies of all the places I wanna move to lol

Tue, 11/01/2011 - 10:41 | 1832196 smith45
smith45's picture

don't worry comrades by 3:p.m. dow will be up and by on the dip,what a county -ben wii take care of us, buy buy,buy-------

Tue, 11/01/2011 - 09:19 | 1831673 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

Don't worry if you've got CDS, you'll be protected.

Tue, 11/01/2011 - 09:29 | 1831697 Ghordius
Ghordius's picture

...from STDs

ban CDS again.

they were banned, for a reason. they should be banned again, for many reasons

Tue, 11/01/2011 - 09:37 | 1831809 CPL
CPL's picture

I think you missed his efforts in Irony.

Tue, 11/01/2011 - 09:41 | 1831846 Pool Shark
Pool Shark's picture



This is not a credit event...

This is not a credit event...

This is not a credit event...


Tue, 11/01/2011 - 09:44 | 1831874 daily bread
daily bread's picture

Didn't you learn?  A credit event only occurs when it works in my favor!

Tue, 11/01/2011 - 09:44 | 1831869 trav7777
trav7777's picture

oh yeah, CDSs MADE Italy bankrupt, they MADE oil peak, yeah.  Ban them and everything will go back to hunky dory.

CDSs have only exposed what some tried to keep hidden.  Oh, and they were the primary driver of synthetic debt and were consquently essential for credit growth

Tue, 11/01/2011 - 09:23 | 1831709 French Frog
French Frog's picture

i breathe a sigh of relief lol

Tue, 11/01/2011 - 09:25 | 1831722 HelluvaEngineer
HelluvaEngineer's picture

Ah, they never really worked anyway.

Tue, 11/01/2011 - 09:51 | 1831924 Potemkin Nation
Potemkin Nation's picture

CDSs should be regulated like insurance and writers forced to maintain risk-based capital reserves.

Tue, 11/01/2011 - 09:55 | 1831950 Harlequin001
Harlequin001's picture

Yeah, that'll work...

Tue, 11/01/2011 - 09:19 | 1831674 heyligen
heyligen's picture

more voluntary haircuts coming

Tue, 11/01/2011 - 09:22 | 1831689 Sudden Debt
Sudden Debt's picture



Tue, 11/01/2011 - 09:23 | 1831707 Dr. No
Dr. No's picture

More like everyone will take a bath.

Tue, 11/01/2011 - 09:28 | 1831752 Ethics Gradient
Ethics Gradient's picture

I think Sudden was referring to the Zyklon B kind of shower.

Tue, 11/01/2011 - 09:43 | 1831854 Jay Gould Esq.
Jay Gould Esq.'s picture

Quite so...also, thus making the haircuts "involuntary."

Tue, 11/01/2011 - 09:57 | 1831964 Harlequin001
Harlequin001's picture

No, it's either voluntary haircut, OR the shower...

just so everyone knows it's fair.

Tue, 11/01/2011 - 09:25 | 1831726 Ruffcut
Ruffcut's picture

Haircuts don't work when your already bald.

No No....LuLu ... Down Down..

Oh Oh... RoBo... Gonna be a HoBo...

Tue, 11/01/2011 - 09:20 | 1831678 Note to self
Note to self's picture

collateral bitchez

Tue, 11/01/2011 - 09:20 | 1831681 Vergeltung
Vergeltung's picture

I love ZH, but the slang names for the countries are rather unprofessional. just my humble opinion.

Tue, 11/01/2011 - 09:23 | 1831702 JenkinsLane
JenkinsLane's picture

You're on the wrong site.

Tue, 11/01/2011 - 09:49 | 1831913 BorisTheBlade
BorisTheBlade's picture

Site is fine, side is wrong.

Tue, 11/01/2011 - 09:23 | 1831704 Sudden Debt
Sudden Debt's picture

So you live in Wankerland right?


Tue, 11/01/2011 - 09:29 | 1831755 littleguy
littleguy's picture

self-deprecation is our strongest suit, leave us wankers alone. Better a wanker than a cheese-eating surrender monkey.

Tue, 11/01/2011 - 09:30 | 1831767 Ghordius
Ghordius's picture

he is not a cheese-eating surrender monkey, he is a chocolate-eating staunch Belgian

Tue, 11/01/2011 - 09:31 | 1831779 littleguy
littleguy's picture

haha, Belgium isn't even a real country.

Tue, 11/01/2011 - 09:23 | 1831710 mtomato2
mtomato2's picture

Nobody EVER accused Zero Hedge of being, or even TRYING to be, "professional."

"Professional" is one of the main reasons the planet is burning.

That, and "Educated..."

Tue, 11/01/2011 - 09:35 | 1831798 Mitzibitzi
Mitzibitzi's picture

You missed 'Politically Correct', I think. And possibly 'Expert opinion is...'?

Tue, 11/01/2011 - 09:37 | 1831810 mtomato2
mtomato2's picture

Damn straight.  I sit humbly corrected.

Tue, 11/01/2011 - 11:33 | 1832482 Bwahaha WAGFDSMB
Bwahaha WAGFDSMB's picture

"Science is the belief in the ignorance of experts." ~Richard Feynman

Tue, 11/01/2011 - 10:29 | 1832124 Bwahaha WAGFDSMB
Bwahaha WAGFDSMB's picture

That's right, education, but there's a reason for this...

Tue, 11/01/2011 - 09:23 | 1831711 MsCreant
MsCreant's picture

You missed a major inside joke.

Tue, 11/01/2011 - 09:23 | 1831712 Ethics Gradient
Ethics Gradient's picture

Did you dislike Doosheland?

Tue, 11/01/2011 - 10:52 | 1832255 Shvanztanz
Shvanztanz's picture

What's funny is that "dusche" is shower in German. So, if you call it shower-land, you are making a reference to the most painful and shameful part of their history. Even though what we mean by doosh should probably be more offensive, it actually still pales before the message that actually comes across. 


Another little Cliff Claven point of note: all these years, our slur for germans has been, among other things, "kraut", which we assume means a reference to saurkraut. By it self, it just means "herb".

So, if you went around and people were calling you an herb, you'd probably be infinitely more confused than offended. 

I am a big dork (grosse Streber). On with the show.

Tue, 11/01/2011 - 11:46 | 1832554 earnulf
earnulf's picture

This is why ZH is so great, there are constant tidbits of useless information that we can then use to confuse the shit out of people who have no idea that the parthanon is burning, much less where it is or what the hell a parthanon is anyway.

dork away!

Wed, 11/02/2011 - 00:02 | 1835619 Shvanztanz
Shvanztanz's picture


Tue, 11/01/2011 - 09:24 | 1831714 lunaticfringe
lunaticfringe's picture

They don't use those unprofessional names over at HuffPo. The horror of it all.

Tue, 11/01/2011 - 09:25 | 1831721 afdestruction
afdestruction's picture

This isn't a professional site. Do you wear a suit and tie while reading?

Tue, 11/01/2011 - 09:25 | 1831727 Dr. Engali
Dr. Engali's picture

This is fight club bitch. No political correctness here.

Tue, 11/01/2011 - 09:26 | 1831731 Note to self
Note to self's picture

You want professional?  Go to a bank!

Tue, 11/01/2011 - 09:26 | 1831737 homersimpson
homersimpson's picture

You mean you don't like the nickname "Fleece instead of Greece? Or "Greased"?

Tue, 11/01/2011 - 09:28 | 1831749 NumberNone
NumberNone's picture

Leave your sensitivity at the door. 

Tue, 11/01/2011 - 09:28 | 1831751 Cognitive Dissonance
Cognitive Dissonance's picture

I gave you an up arrow for speaking your mind.

Tue, 11/01/2011 - 09:31 | 1831771 Ethics Gradient
Ethics Gradient's picture

Agreed. Nicely done. Will you be doing the same for Robo?

Tue, 11/01/2011 - 09:36 | 1831808 Cognitive Dissonance
Cognitive Dissonance's picture


I draw the line for 'speaking your mind' at stupid. Anything beyond that..........well, no joy joy from CD.

BTW I am considering doing an audio version where I read my essays in my voice and attach a link to that file in the article.

Is there any interest from the ZH crowd for this?

Tue, 11/01/2011 - 09:59 | 1831976 pods
pods's picture

Yes!  Perfect for the drive home. Just be sure to be careful.  No Tommy Boy moments needed.

Don't want to be listening and then feel like I wanna jerk the wheel INTO A GODDAMNED BRIDGE ABUTMENT.



Tue, 11/01/2011 - 10:07 | 1832025 Cognitive Dissonance
Cognitive Dissonance's picture

I bridge abutment moments. I shall restrain myself. :>)

But I plan on voicing the audio with the same emotion I used to write the piece.

Tue, 11/01/2011 - 11:04 | 1832302 CPL
CPL's picture

After you record the voice throw it through audacity. ( )


There is a filter to equalize the sound and clear up any background noise with a couple of clicks.  It'll sound as close to being in a clean studio.  Could even lay in a track of dramatic music or crazy noises.  lol  Main thing is the software will compensate for a lack of 20k microphones and a studio board complete with engineers.


Somehow I doubt the crazy noise scenario will happen, but a clean and polished webcast is something very nice to listen to while running around getting stuff done. 


I look forward to it CD.

Tue, 11/01/2011 - 11:11 | 1832352 Cognitive Dissonance
Cognitive Dissonance's picture

Thanks. I'm on a steep learning curve regarding microphones (condensor vs USB) stands and software.

It became clear to me very quickly that if I was going to do this I was not going to do it half assed. I listen to podcasts all the time and I quickly grow weary of the ones with poor sound quality.

Tue, 11/01/2011 - 10:05 | 1832010 Dr. Engali
Dr. Engali's picture

That would be great CD. I enjoy your essays , but I always have to read them in bits and pieces. I don't rarely have the time to read them in one sitting.

Tue, 11/01/2011 - 10:35 | 1832159 CPL
CPL's picture


Tue, 11/01/2011 - 10:45 | 1832220 Killer the Buzzard
Killer the Buzzard's picture

Yes.  Your writings are worthy.

Tue, 11/01/2011 - 09:31 | 1831773 Vergeltung
Vergeltung's picture

thanks CD. you're a mensch.  ;-)


Tue, 11/01/2011 - 09:37 | 1831815 Cognitive Dissonance
Cognitive Dissonance's picture

Nice come back. :)

Tue, 11/01/2011 - 09:30 | 1831765 the not so migh...
the not so mighty maximiza's picture

complain to Whoreland Security

Tue, 11/01/2011 - 09:41 | 1831844 augie
augie's picture

where is this land of whores? I would very much like to see this place. 

Tue, 11/01/2011 - 09:33 | 1831784 Vergeltung
Vergeltung's picture

looks like I'm headed for a personal-record down dings. it's ok, I still love you guys.

Tue, 11/01/2011 - 09:34 | 1831793 mtomato2
mtomato2's picture

At least you're being professional about it.

Tue, 11/01/2011 - 10:01 | 1831986 Harlequin001
Harlequin001's picture

you have to beat my -85 old stick...

Tue, 11/01/2011 - 09:48 | 1831903 daily bread
daily bread's picture

You could tell us you have an Economics PhD .. that would put the icing on the cake.

Tue, 11/01/2011 - 10:47 | 1832233 Killer the Buzzard
Killer the Buzzard's picture

You get a mulligan for your worthy attitute.

Tue, 11/01/2011 - 22:55 | 1835448 Hephasteus
Hephasteus's picture

Glad I could help as a proud freedom frylock merican.

Tue, 11/01/2011 - 09:33 | 1831785 Hot Apple Pie
Hot Apple Pie's picture

If you can't have a laugh at the end of the world, what can you laugh at?

Tue, 11/01/2011 - 09:33 | 1831789 Vergeltung
Vergeltung's picture

good point.

Tue, 11/01/2011 - 09:37 | 1831814 CPL
CPL's picture


Tue, 11/01/2011 - 09:47 | 1831898 Cone of Uncertainty
Cone of Uncertainty's picture

No, this is unprofessional:

Go fuck yourself.

Tue, 11/01/2011 - 09:21 | 1831683 Dr. No
Dr. No's picture

They told me that you [GPap] had gone totally insane, and that your methods were unsound.

Tue, 11/01/2011 - 11:46 | 1832556 Glass Steagall
Glass Steagall's picture

I don't see any method at all, sir.

Tue, 11/01/2011 - 09:21 | 1831684 oogs66
oogs66's picture

brando bitchez

Tue, 11/01/2011 - 09:22 | 1831686 Cognitive Dissonance
Cognitive Dissonance's picture

Just as long as they declared the insurance null and void, everything will be OK. You don't think that homeowners insurance you bought and paid for was actually gonna pay off........did you?

Fooled you!

Tue, 11/01/2011 - 09:27 | 1831742 Ghordius
Ghordius's picture

Hi CD!

Please! "homeowners insurance" What's that? I know of "normal insurance", which is according to time-tested principles. We know, for example, that fire insurance can't be given to someone that is not the owner of the building or the flames will be high before the ink is dry...

Tue, 11/01/2011 - 09:31 | 1831777 Cognitive Dissonance
Cognitive Dissonance's picture

They call that an "insurable interest". What a crazy concept, that the insurance company would actually what the insurance purchaser to have a monetary/emotional incentive for the building to remain in one piece and undamaged.

Tue, 11/01/2011 - 09:37 | 1831813 Ghordius
Ghordius's picture

yeah, crazy :-) now I get it

like the concept that you need revenues to pay out a bonus to senior employees - crazy!

Tue, 11/01/2011 - 09:34 | 1831791 TuesdayBen
TuesdayBen's picture

yes, homeowner is code for lienholder...lienholder's insurance, paid for by the debt serf

Tue, 11/01/2011 - 09:22 | 1831687 CClarity
CClarity's picture

Mario Draghi regrets accepting the new title.  An epic first day!

Tue, 11/01/2011 - 09:22 | 1831688 Plumplechook
Plumplechook's picture

Krugman has it right - just posted on his blog:


Things are falling apart in Europe; the center is not holding. Panadreou is going to hold a referendum; the vote will be no. Italian 10-years at 6.29 at pixel time; that’s a level at which the cost of rolling over the existing debt will force a default, even though Italy has a primary surplus. And with everyone simultaneously pushing for fiscal austerity, a recession seems almost certain, aggravating all of the continent’s problems.

I’ve been charting this trainwreck for a couple of years, and am feeling too weary to trace through it again right now. Let’s just say that the euro was an inherently flawed idea that can work only given a strong European economy and a significant degree of inflation, plus open-ended credit to sovereigns facing speculative attack. Yet European elites embraced the notion of economics as morality play, imposing across-the-board austerity, tightening money despite low underlying inflation, and have been too concerned with punishing sinners to notice that everything was going to blow apart without an effective lender of last resort.

The question I’m trying to answer right now is how the final act will be played. At this point I’d guess soaring rates on Italian debt leading to a gigantic bank run, both because of solvency fears about Italian banks given a default and because of fear that Italy will end up leaving the euro. This then leads to emergency bank closing, and once that happens, a decision to drop the euro and install the new lira. Next stop, France.

It all sounds apocalyptic and unreal. But how is this situation supposed to resolve itself? The only route I see to avoid something like this involves the ECB totally changing its spots, fast.

Aside from that, Mr. Draghi, are you enjoying your new job?"

Tue, 11/01/2011 - 09:25 | 1831730 mtomato2
mtomato2's picture

Yeah.  I can be right, too if I forcast something that has already happened.  Krugman is pure evil.  I at least give him credit for that.

Tue, 11/01/2011 - 09:26 | 1831738 mtomato2
mtomato2's picture



Tue, 11/01/2011 - 09:38 | 1831817 PaperWillBurn
PaperWillBurn's picture

"But how is this situation supposed to resolve itself?"


Oh umm hey guys..we have this asset on our balance sheet that seems to increase in price as people purchase it. When it goes up in price it decreases the debt burden. Why don't we use this awesome balancing mechanism to balance our debt? You up the POG until our debts no longer matter.


But that's too simple to work

Tue, 11/01/2011 - 09:52 | 1831919 Cone of Uncertainty
Cone of Uncertainty's picture

Krugman is part of the problem.

He advocates for more spending to solve a debt problem.

I'm sorry, if you think like that, you are a fucking idiot and on par with the asshats running the IMF, ECB, and EU.

Krugman, STFU and sit your ass down, your side lost bitch.

And anyone that thinks he "got it right" is also a fucktard, and I mean that with complete sincerity and in all seriousness.

Tue, 11/01/2011 - 10:01 | 1831965 Use of Weapons
Use of Weapons's picture

Krugman, during his speech on the 27th in Iceland, appeared less than in control (I'm comparing it to his speech to Google, for instance, where he had a concrete message & answered questions well). He paused often, was less than coherent at points, kept mistakenly referencing Ireland instead of Iceland and ended with a hurried whimper of a point.

What I read as subcontext was that the Icelanders are bullish about joining the Euro, and he was attempting to suggest this would be a bad idea[tm] - whilst maintaining some kind of professional distance. I think he realised that some Icelanders just don't understand the scale of the issue, both in terms of millions of people and trillions of Euros at stake, and the horror was over-taking him.


That's not to say all Icelanders are buying into the 'good recovery' model (although, it has to be said, 'much better than Greece'):


((Housing)) ...following the transfer these write-downs were not passed on to households (as recommended by the IMF) but instead the new banks got a free hand in trying to collect the previous full book value of the a write-down of mortgages to 110% of the estimated value of the home. Because of underlying inflation and the CPI-indexing of mortgages, these mortgages very quickly increased again to 120% and then to 130% of the estimated home value, requiring repeated attempts to reach the 110% level. The results are that some 26.000 individuals are registered in serious default. If each of these individuals represents a household, this means that approximately 35% of all households in Iceland are still in a serious default position with their debts, even after being able to tap in to their pension funds in order to stay solvent... ((FInance))While the official numbers look perhaps not too bad by some international standards, with central government debt amounting to 1.345 billion ISK at year-end 2010 or approximately 87% of GDP, one must bear in mind that this debt bears high interest and is in part (at least 25%) indexed to the CPI. Currently the interest payments only on this debt are estimated to be about 17%-20% of government income in the 2012 budget. Central government debt continues to increase with new borrowing exceeding repayments by 11 billion ISK in 2012. Municipal debt amounts to 215 billion ISK, bringing the general government debt level up to 101% of GDP. Currently one municipality is insolvent and 10 to 15 other municipalities are in serious debt trouble, some technically insolvent already.

The co-author, Birgitta Jonsdottir, is a member of "The Movement" party, and was involved with releasing the Wikileaks 'Collateral Murder' video - 'The Movement' is probably best described as modern progressive.



Tue, 11/01/2011 - 09:22 | 1831690 The Axe
The Axe's picture

your kidding right....

Tue, 11/01/2011 - 09:22 | 1831692 Dr. Engali
Dr. Engali's picture

Wow look at the Dax getting totally annihilated.

Tue, 11/01/2011 - 09:22 | 1831693 MsCreant
MsCreant's picture

So Tyler, you published those maps so you could make these jokes. We will need comic relief.

I wonder who is buying?

Tue, 11/01/2011 - 09:37 | 1831760 mtomato2
mtomato2's picture

Hey, Ms. 


Tue, 11/01/2011 - 09:43 | 1831861 MsCreant
MsCreant's picture

Hey back you tomato you. I am well. Still building and renting. Thanks for asking.

Tue, 11/01/2011 - 09:22 | 1831694 Fips_OnTheSpot
Fips_OnTheSpot's picture

Steep, steeper, CDS

Tue, 11/01/2011 - 09:22 | 1831696 TideFighter
TideFighter's picture

Apocolypse....not Now, sometime soon.

Tue, 11/01/2011 - 09:22 | 1831700 RobotTrader
RobotTrader's picture

3 months worth of shorts will be using the drop to cover losing positions.

Any money manglers that missed the rally will be jumping in with both feet on this pullback.

PM holders?  Well, they better start praying for a reversal in bank stocks, otherwise, its going to be carnage there to.

Dow 10,000 = Gold 1,200


Tue, 11/01/2011 - 09:29 | 1831759 homersimpson
homersimpson's picture

I'm sure you're just absolutely swimming in your newfound loads of cash right now by taking your own advice yesterday to buy the dip during the carnage yesterday *rolls eyes*

How about being a Monday Morning QB with the obvious explanation - the stock market is a complete fraud and the majority of bank stocks should be at 0 right now but isn't thanks to the lack of "mark to market".

Tue, 11/01/2011 - 09:30 | 1831768 Jim in MN
Jim in MN's picture



Tue, 11/01/2011 - 09:33 | 1831787 Careless Whisper
Careless Whisper's picture

money manglers

correction: vampire squid money manglers


Tue, 11/01/2011 - 09:23 | 1831705 Schmuck Raker
Schmuck Raker's picture


Spain = Tapas

Tue, 11/01/2011 - 09:23 | 1831706 Mr Pink
Mr Pink's picture

As if this morning hasn't been fun enough

A little propaganda on your rice crispies?

Tue, 11/01/2011 - 09:27 | 1831743 Schmuck Raker
Schmuck Raker's picture

Damn! I don't believe it.

I missed Heidi Klum's Halloween party...again.

Tue, 11/01/2011 - 09:34 | 1831790 nedwardkelly
nedwardkelly's picture

In case you missed her costume:

In case you need to erase that image from your mind forever:

Tue, 11/01/2011 - 09:23 | 1831708 bania
bania's picture

yes! put brando in the emergency file along with donkey kong and the deer. nicely done ZH

Tue, 11/01/2011 - 09:24 | 1831717 Dr. Engali
Dr. Engali's picture

Turn those printers on baby. Break out the helicopters. Time to start throwing money on the serfs.

Tue, 11/01/2011 - 09:27 | 1831744 MsCreant
MsCreant's picture

Throwing us some bankers would be fine. Saves money. 

Tue, 11/01/2011 - 09:35 | 1831801 kaiserhoff
kaiserhoff's picture

Gentlemen, start your engines;)

Tue, 11/01/2011 - 09:26 | 1831735 j.tennquist
j.tennquist's picture

Who knew that the end of the world would be so hilarious. 

Go out laughing.  It's a zen thing.

Tue, 11/01/2011 - 09:26 | 1831736 LFMayor
LFMayor's picture

... and watch out, those god damned monkeys bite

Tue, 11/01/2011 - 09:31 | 1831775 mtomato2
mtomato2's picture

...and throw shit...  out of helicopters?

Tue, 11/01/2011 - 09:36 | 1831803 MsCreant
MsCreant's picture

The Money Monkey, is that like The Easter Bunny or Santa?


Tue, 11/01/2011 - 09:30 | 1831739 IrritableBowels
IrritableBowels's picture

Anyone check TVIX and FAZ premarket? AAAAAGGGGHHHH!!!!

Tue, 11/01/2011 - 09:27 | 1831740 entendance
entendance's picture

Draghi at the Central Bank
Is Goldman Sachs Poised to Takeover Europe?
MR.BEAN-draghi, the ex-goldman jesuit boy is there to do his job for them

Tue, 11/01/2011 - 09:31 | 1831746 Element
Element's picture

Nothing to see here ... move along citizen ...


Ok, so there will be a major global crisis ... relax ... just one of many to come ... you'll get accustomed to it ... ... now move along.

Tue, 11/01/2011 - 09:27 | 1831748 Motorhead
Motorhead's picture

What, no "China to the rescue" news?

Tue, 11/01/2011 - 09:28 | 1831754 monopoly
monopoly's picture

Robot, it is obvious from your inane comments that you missed the entire gold rally to this point and own....nothing.

Tue, 11/01/2011 - 11:18 | 1832390 DOT
DOT's picture

Transfer the risk to the serfs.

The government seems willing (BAC ABS bs) so why not at the Fed?

RISK ON the taxpayer

RISK OFF  everything else.

Tue, 11/01/2011 - 09:36 | 1831769 Mercury
Mercury's picture

More like -

The assumptions...the assumptions...

What are the odds that any given sovereign CDS will actually pay out to the long side in the event of a (official or not) default?

Tue, 11/01/2011 - 09:32 | 1831778 love
love's picture

wanker = cameron

Tue, 11/01/2011 - 09:44 | 1831871 Mitzibitzi
Mitzibitzi's picture

Born of a centuries old banking dynasty and got his first job with the Consevative Party on the strength of a recommendation from 'The Palace'... somehow I doubt he needs to pull his own pud. Probably has eunuchs to do that for him. Or debauched former nuns? Whichever is more Luciferan, I suppose.

Tue, 11/01/2011 - 09:32 | 1831782 Jim in MN
Jim in MN's picture

Saigon... shit; I'm still only in Saigon... Every time I think I'm gonna wake up back in the jungle.


Yes, kids, it gets worse

Tue, 11/01/2011 - 09:41 | 1831837 mtomato2
mtomato2's picture
Those rich fucks! This whole fucking thing-- I did not watch my buddies die face down in the muck so that this fucking strumpet--
Tue, 11/01/2011 - 09:35 | 1831797 Carlyle Groupie
Carlyle Groupie's picture

Tear up the sovereigns but don't fuck with me Guinness.

Tue, 11/01/2011 - 09:35 | 1831800 willien1derland
willien1derland's picture

Draghi will drop EU interest rates by 50 basis point - Rally on!

Tue, 11/01/2011 - 09:36 | 1831804 j.tennquist
j.tennquist's picture

Bondholder: "Are you an assassin"?

Merkozy: "I'm a soldier."

Euro Citizen: "You're neither.  You're an errand boy sent by grocery clerks to collect a bill."

Tue, 11/01/2011 - 09:40 | 1831831 z123
z123's picture

half of the last 3 weeks gain in EUR evaporated in 2 days

Tue, 11/01/2011 - 09:41 | 1831834 Barometer
Barometer's picture

G Paps must have covered and gone short.

Tue, 11/01/2011 - 09:46 | 1831893 soopy
soopy's picture

Marlon Brando FTW!

Tue, 11/01/2011 - 09:49 | 1831909 j.tennquist
j.tennquist's picture

I love the smell of meltdown in the morning.

Tue, 11/01/2011 - 09:51 | 1831927 Mitch Comestein
Mitch Comestein's picture

Merit Financial???  Anyone use them to buy silver?  Good, bad, Ugly?  They are advertising 2.44 over spot for eagles through tomorrow with no commission or shipping on $5K orders.

Tue, 11/01/2011 - 09:53 | 1831937 BobPaulson
BobPaulson's picture

"It's impossible for words to describe what is necessary to those who do not know what horror means."


Great quote for a European melt down (or for anything actually). Gotta love this blog even if it's just because of the references to amazing movies like Fight Club and Apocalypse Now.

Tue, 11/01/2011 - 09:53 | 1831938 FunkyOldGeezer
FunkyOldGeezer's picture

Slang names are stoopid, but I'll laugh my ass off when Macapplepie CDS go to crap and most of the guys here begin to gain a sense of what fear really is.

Tue, 11/01/2011 - 09:52 | 1831940 Jimmy Carter wa...
Jimmy Carter was right's picture

PM's always tank  a little  after some "bad" news like this. In 2 weeks they'll be way up and stocks will be way down, again.  Hold your metal boys, don't sell till you see the whites of their thighs.

Tue, 11/01/2011 - 10:06 | 1832017 asturtrasgu
asturtrasgu's picture

Wait until Spain changes the goverment. That is gonna be the real fun, here in spain everybody knows that the bills are waiting until 20 of november.Our unemployment is 22% oficially but unoficially is almost who is gonna pay anything in our country.

Tue, 11/01/2011 - 10:09 | 1832030 Reven
Tue, 11/01/2011 - 10:40 | 1832189 HITMAN56
HITMAN56's picture

Ahh the nicknames are back...+1000 ZH...anyone see a Krembu market?

Tue, 11/01/2011 - 13:26 | 1832967 Caveman93
Caveman93's picture

Running to buy more bright shiney relics...brb!

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